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Monday 19th April 2004
Accurate Software secures Britain's largest online betting exchange for
global transaction reconciliation
Betfair.com selects Accurate to reduce operational risk
Accurate Software today announced that Betfair, Britain's largest online betting exchange, has selected Accurate's Operational Risk Management solution, Accurate NXG. Due to go live in April 2004, Accurate NXG will enable more efficient reconciliation of high volume multi-currency transactions that will facilitate faster transaction processing, and reduce exposure to risk while improving operational control.
Prices at Betfair are approximately 20% better than traditional bookmakers resulting in vast global interest and, subsequently, high multi-currency transaction volumes. At peak times, Betfair matches 12,000 bets per minute globally on more than 20 different sports and other events. The turnover on matched bets exceeds £50 million each week. Betfair will deploy Accurate NXG at its headquarters in Hammersmith, London, to match information from multiple banking systems with their receipting system. Built on the four core competencies of reconciliation, exception management, workflow and business intelligence, Accurate NXG will enable Betfair to achieve approximately 95 percent straight through processing across all transactions.
Gaming firms such as Betfair need the ability to handle high transaction volumes, manage risk, be alert to potential fraud and cope with increased regulatory pressure. In response to the latter, Accurate NXG will provide a complete audit trail of all transactions to enable Betfair to demonstrate maximum transparency. Moreover, the speed of processing is key to gaming firms such as Betfair. The nature of the gaming business, especially the high volumes of transactions, requires real time processing which Accurate NXG provides.
Previously, Betfair manually extracted information from multiple banking systems and integrated the information into an Excel spreadsheet. The process was complex and prone to risk. Accurate NXG automates the process of gathering, consolidating and matching transactional data. It is also capable of dealing with multiple currencies, charging and foreign exchange issues, thereby greatly improving the speed and accuracy of matching transactions globally.
Lee Cowles, Head of Client Operations, Betfair said: 'We evaluated Accurate's Operational Risk Management solution following a recommendation from our banks. We selected Accurate NXG because it meets our requirements to increase operational efficiency, better manage exposure to risk and support our future business growth. Accurate NXG is a flexible solution that can handle increased transaction volumes in line with our expansion into the Far East and the diversification of our business model to other gaming channels, including casino.'
Philip Hall, chairman and co-chief executive officer, Accurate Software, said: 'Another high profile gaming organisation has selected Accurate NXG to support the reconciliation of high volume, multi-currency transactions. The real time environment at Betfair requires fast and efficient processing to ensure operational control and reduce exposure to risk. Accurate NXG will also provide Betfair with a complete audit trail of all transactions - essential in the highly regulated gaming industry.'
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For further information please contact
Alexandra Kedward
Write Image Limited
Tel: +44 (0)20 7959 5442
Fax: +44 (0)20 7959 5499
Email: alexandra@write-image.co.uk
Irene Mulkeen
Accurate Software Limited
Tel: +44 (0)118 989 8553
Fax: +44 (0)118 977 1260
Email: irene.mulkeen@accurate.co.uk
Source: OnlineCasinoNews
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